Healthcare Economics

Paper Summary:

This paper reviews dominant trends in healthcare economics during the last decade. Specifically, the researcher reviews economic theory and law. The paper examines how economic theory influences trends in healthcare organizations and relationships among healthcare providers. A comprehensive analysis of the literature is provided. The literature review suggests multiple theories including supply side theories. These theories help influence decision-making in healthcare. The researcher concludes that physicians now hold less power in the healthcare industry.

Outline:
Abstract
Introduction
Literature Review
Managerial Applications
Summary/Conclusions
References

From the Paper:

"Economic laws and market trends often govern healthcare policy. It is vital to understand these trends and policies as well as economic theory when evaluating healthcare relationship. Multiple trends influence modern healthcare policy, including the changing face of healthcare economies and market trends in the healthcare environment. The doctor and hospital relationship has shifted many times resulting from these trends and changes. In times of old doctors held much of the power assumed in the healthcare environment, deciding key issues including setting pricing of fees and services and the nature of services provided by hospitals. In modern times, hospitals and managed care organizations are increasingly responsible for setting prices and the standards of care offered patients in the hospital setting. This shift changes the way doctors and hospitals work with each other. Today large managed care organizations afford consumers more decisions and more cost-effective services."

Sample of Sources Used:

• Bradford, William D. & Mobley, Lee R. (2004). Employment based health insurance and the effectiveness of intra-firm competition between insurance providers." Southern Economic Journal, 70(4): 1012.
• Burda, David. (1993, Dec). "Number of hospital mergers slips in '92, expected to rise for '93." Modern Health Care 23(3): 10.
• Eastaugh, S.R. (1992). "Health economics: efficiency, quality and equity." Westport: Auburn House.
• Feldman, Roger, Dowd, Bryan, Leitz, Scott & Blewett, Lynn. (1997). The effect of premiums on the small firm's decision to offer health insurance." Journal of Human Resources, 32(1): 635-58.
• Feldstein, Paul J. (2005). Health Care Economics (6th ed.). Albany, NY: Delmar Publishers.

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